ARTICLES ABOUT STOCK BROKER BY DATE - PAGE 4

MUMBAI: In a first, the capital market regulator has re-opened a case disposed of by one of its officers and fined the offender, using new rules authorising the Securities & Exchange Board of India (Sebi) with review powers. A whole-time Sebi member recently reviewed the case involving a Mumbaibased stock broker, which had been cleared by the regulator's adjudicating officer, and passed a new order levying a penalty on the violator. The member noted that the stock broker indulged in self-trades in the shares of a company at the time of its listing three years ago and that the trades were fictitious in nature as there was no change in the ownership of shares.

MUMBAI: An entity registered only as a stock broker cannot undertake the role of a merchant banker in the capital markets, regulator Sebi has said. The Securities and Exchange Board of India (Sebi) has stated this position in reply to an 'interpretive letter' sought by Almondz Global Securities Limited (AGSL), who had asked whether it, as a stock broker, can handle any issue of debt securities offered on a private placement basis. In case of AGSL, Sebi further said that although it was registered as a merchant banker too, it was barred by Sebi in March 2014 from taking up fresh assignments as a merchant banker for a period of five years.

MUMBAI: Sebi today said non-banking stock brokers can take proprietary open positions in currency derivative market up to certain prescribed limits. In a circular, the capital market regulator said that a stock broker , who is not a bank, can take proprietary open position limits in currency derivatives . Proprietary open position refers to taking position with one's own money. The proprietary open position should not exceed 15 per cent of the total open position or not more than USD 50 million of the equivalent currency.

NEW DELHI: To check any fraudulent use of investor accounts by brokers, capital markets regulator Sebi plans to tighten norms for the Power of Attorney taken by them from their clients including by colour-coding such PoAs as per the risks involved in such transfer of powers. A number of measures have been suggested by an expert group set up by Securities and Exchange Board of India to ring -fence the POAs given by investors to their brokers from any possible misuse that are under consideration of the regulator, sources said.

MUMBAI: The benchmark Sensex today rose for the first time in three sessions and ended over 109 points higher at 26,108.53 led by gains in shares of Hero MotoCorp, HDFC Bank, BHEL, M&M and SBI, amid rebound in global markets after positive US data. Besides, encouraging corporate earnings and exit polls showing the BJP gaining majority in Maharashtra and Haryana Assembly polls triggered fresh spell of buying by participants, brokers said. The 30-share Sensex reclaimed the 26,000-mark by rising 109.19 points, or 0.42 per cent, to end the session at 26,108.53 after climbing to 26,248.54 intra-day.

MUMBAI: Trading volumes on stock exchanges have shot up in the last few months, thanks to the revival in investor sentiment, but that has not averted the exit of brokers from the business. Between April and August this year, when the stock market euphoria was at its peak after a long period, nearly 335 individual brokers, 136 corporate brokers and nearly 5,773 sub-brokers shut shop. Continued modest retail investor participation, preference for low-margin options and higher costs have prompted these brokers and sub-brokers to move out. As per data collated from market regulator Sebi , number of brokers in the cash segment stood at 9,076 as on August 31 against 9,411 on March 31. The number of corporate brokers came down to 4,781 by end-August from 4,917 in March.

MUMBAI: Sebi today issued guidelines to stock exchanges and clearing houses that require them to share information about their members, among others, as part of streamlining the registration process for market entities. The Securities and Exchange Board of India (Sebi) had recently notified new norms that require stock brokers and clearing entities to have one-time single registration certificate to operate across different bourses. In a circular today, the market regulator has issued guidelines for bourses and clearing corporations for purpose of "implementing the revised registration requirements".

MUMBAI: Securities Appellate Tribunal has upheld regulator Sebi's order against Angel Broking in case related to violations of stock broker norms and fraudulent dealings in shares of Sterling Green Woods. Sebi, in December 2013, had levied a total penalty of Rs 30 lakh on Angel Broking and its client Angel Infin for executing self-trades in shares of Sterling Green Woods, back in 2009. Angel Infin had subsequently merged with Angel Broking. Following Sebi ruling, Angel Broking had challenged the market regulator's order in the case before the tribunal.

MUMBAI: Capital market regulator Sebi today suspended stock broker Rajesh N Jhaveri for six months for indulging in 'fraudulent and manipulative' trade practises. The Securities and Exchange Board of India said in its order that it has "suspended the registration of Rajesh N Jhaveri for a period of six months" for fraudulent trade activities in the shares of Ojas Technochem Products Ltd. The order will come into force immediately on the expiry of 21 days from today's order, Sebi said.